We asked Christine Moriarty “What does your board needs to know?” at last week’s Finance Friday (5/18/17).
Her reply: Start with your personal finances. As a longtime financial consultant and chief of MoneyPeace, Inc., Christine contends that our beliefs about money color our personal, professional and volunteer life. The Finance Friday webcast advised viewers to “make peace with your money”, “know what you have”, “simplify” and “ask questions”.
In seeking sustainability, Christine suggested that Boards take a close look at their organization’s income, expenses, planning and net worth. In striving for “financial wellness”, Christine presented a number of different ways to look at your personal and organization numbers through cash flow projections, income statements and balance sheets. One of her strongest recommendations is to keep cash on hand for unplanned events–in excess of any reserve that you maintain. (The nonprofit rule of thumb on cash reserves is 3-6 months).
Watch the full presentation here
Christine Moriarty is a Certified Financial Planner who has worked with thousands of people to create financial peace of mind. She is often seen in national press as a featured financial planner. She has consulted for variety of organizations from the New England Life Insurance Company and SunLife of Canada, to Outward Bound and the Massachusetts Special Commission on Financial Services. She has taught classes on financial management and has extensive public speaking experience including regional financial planning conferences, weekend retreat centers, on-site employee groups, and national trade conferences